IBIT Ranked Second Behind the Vanguard S&P 500 ETF by Weekly Inflows

The past week saw significant outflows from major ETF providers, with investors pulling out from fixed income and shifting into equities, especially in the large-cap segment.

According to Nate Geraci, President of ETF Store, shared the top weekly outflows and inflows across the ETF space. Notably, IBIT, the iShares Bitcoin ETF (BTC), ranked second only to the Vanguard S&P 500 ETF, which had net inflows of $3,597 million in the past week.

Geraci highlighted on X (formerly Twitter):

Now 14 straight days of inflows for iShares Bitcoin ETF... $4+ bil total. IBIT in top 10 of all ETFs by inflows this year (out of nearly 4,200 ETFs).

suggesting the strong and persistent demand for the BTC ETF.

As of Friday, IBIT had net inflows of $43,681 million since launch, highlighting the significant role of major ETF issuers in the crypto ETF space.

BTC Price Outlook: Key Drivers

Several key catalysts will influence BTC’s near-term trajectory:

The outlook for U.S. interest rates will be pivotal. Payrolls and other economic indicators will offer clues on the Fed’s stance at the September meeting.

Any developments in the Chinese property market could affect risk appetite, impacting BTC.

Key BTC Price Scenarios include:

A breakout above $52,000 could propel BTC toward the 1.618 Fibonacci Extension level of $60,000 from the March 2023 low.

Conversely, sustained trading below the 50-day EMA at $49,073 could open the door for a deeper correction toward the 200-day EMA at $47,075.

For ongoing insights into macro trends, regulation, and ETF data, follow our analysis here.

Technical Analysis

Bitcoin Analysis

BTC trades above the 50-day and the 200-day Exponential Moving Averages (EMA), affirming bullish momentum.

The 14-day Relative Strength Index (RSI) at 66.43 suggests BTC could climb toward the record high of $109,312 before entering overbought territory (RSI > 70).